Photo of Raven Molloy

Raven Molloy

Education

  • Ph.D., Economics, Harvard University, 2005
  • M.A., Economics, Harvard University, 2003
  • B.A., Economics, University of Virginia, 1997
Current Research Topics
  • Internal Migration within the United States
  • House prices,housing affordability,mortgage credit
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2020 - present
  • Chief, Real Estate Finance Section

    Board of Governors of the Federal Reserve System

    2014 - 2020
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2010 - 2014
  • Economist

    Board of Governors of the Federal Reserve System

    2005 - 2010
  • The Economics of Internal Migration: Advances and Policy Questions
    Ning Jia, Raven Molloy, Christopher Smith, and Abigail Wozniak
    Journal of Economic Literature (Forthcoming)
    See also » FRB Working Paper (2022)
  • Discussion of “Homeownership segregation”
    Raven Molloy
    Journal of Monetary Economics (2022)
    https://doi.org/10.1016/j.jmoneco.2022.04.002
  • Housing supply and affordability: Evidence from rents, housing consumption and household location
    Raven Molloy, Charles G. Nathanson, and Andrew Paciorek
    Journal of Urban Economics (2022)
    https://doi.org/10.1016/j.jue.2022.103427
    See also » FRB Working Paper (2020)
  • Differences in Rent Growth by Income 1985-2019 and Implications for Real Income Inequality
    Daryl Larsen and Raven Molloy
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.3006
  • Migration and Housing special issue: Introduction from Editors Kyle Mangum and Raven Molloy
    Kyle Mangum and Raven Molloy
    Journal of Housing Economics (2021)
    https://doi.org/10.1016/j.jhe.2021.101782
  • Measuring Aggregate Housing Wealth: New Insights from Machine Learning
    Joshua H. Gallin, Raven Molloy, Eric Nielsen, Paul Smith, and Kamila Sommer
    Journal of Housing Economics (2021)
    https://doi.org/10.1016/j.jhe.2020.101734
    See also » FRB Working Paper (2018)
  • Housing Supply and Affordability: Evidence from Rents, Housing Consumption and Household Location
    Raven Molloy, Charles G. Nathanson, and Andrew Paciorek
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.044
  • Changing Stability in U.S. Employment Relationships: A Tale of Two Tails
    Raven Molloy, Christopher L. Smith, and Abigail Wozniak
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.017
  • The Effect of Housing Supply Regulation on Housing Affordability: A Review
    Raven Molloy
    Regional Science and Urban Economics (2020)
    https://doi.org/10.1016/j.regsciurbeco.2018.03.007
  • Measuring Mortgage Credit Availability: A Frontier Estimation Approach
    Elliot Anenberg, Aurel Hizmo, Edward Kung, and Raven Molloy
    Journal of Applied Econometrics (2019)
    https://doi.org/10.1002/jae.2720
    See also » FRB Working Paper (2017)
  • Moving Out to Move Up: Who Leaves and Where Do They Go?
    Raven Molloy, A. Spencer Perry, and Christopher L. Smith
    Pathways (2019)
  • Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class
    James Mills, Raven Molloy, and Rebecca Zarutskie
    Real Estate Economics (2019)
    https://doi.org/10.1111/1540-6229.12189
    See also » FRB Working Paper (2015)
  • How Can We Measure the Value of a Home? Comparing Model-Based Estimates with Owner-Occupant Estimates
    Raven Molloy and Eric Nielsen
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2266
  • Job Changing and the Decline in Long-Distance Migration in the United States
    Raven Molloy, Christopher L. Smith, and Abigail Wozniak
    Demography (2017)
    https://doi.org/10.1007/s13524-017-0551-9
  • Long-Term Vacant Housing in the United States
    Raven Molloy
    Regional Science and Urban Economics (2016)
    https://doi.org/10.1016/j.regsciurbeco.2016.06.002
    See also » FRB Working Paper (2014)
  • Understanding Declining Fluidity in the U.S. Labor Market
    Raven Molloy, Christopher L. Smith, Riccardo Trezzi, and Abigail Wozniak
    Brookings Papers on Economic Activity (2016)
    See also » FRB Working Paper (2016)
  • Regulation and Housing Supply
    Joseph E. Gyourko and Raven Molloy
    Handbook of Regional and Urban Economics (2015)
    https://doi.org/10.1016/B978-0-444-59531-7.00019-3
  • Business Investor Activity in the Single-Family-Housing Market
    Raven Molloy and Rebecca Zarutskie
    FEDS Notes (2013)
    https://doi.org/10.17016/2380-7172.0005
  • Declining Migration Within the US: The Role of the Labor Market
    Raven Molloy, Christopher L. Smith, and Abigail Wozniak
    Finance and Economics Discussion Series (2013)
    https://doi.org/10.17016/FEDS.2013.27
  • The Postforeclosure Experience of U.S. Households
    Raven Molloy and Hui Shan
    Real Estate Economics (2013)
    https://doi.org/10.1111/j.1540-6229.2012.00344.x
    See also » FRB Working Paper (2011)
  • The Effect of Gasoline Prices on Household Location
    Raven Molloy and Hui Shan
    Review of Economics and Statistics (2013)
    https://doi.org/10.1162/REST_a_00331
    See also » FRB Working Paper (2010)
  • Pay Cuts for the Boss: Executive Compensation in the 1940s
    Carola Frydman and Raven S. Molloy
    Journal of Economic History (2012)
    https://doi.org/10.1017/S002205071100249X
  • Labor Reallocation Over the Business Cycle: New Evidence from Internal Migration
    Raven S. Molloy and Abigail Wozniak
    Journal of Labor Economics (2011)
    https://doi.org/10.1086/660772
    See also » FRB Working Paper (2007)
  • Internal Migration in the United States
    Raven Saks Molloy, Christopher L. Smith, and Abigail Wozniak
    Journal of Economic Perspectives (2011)
    https://doi.org/10.1257/jep.25.3.173
    See also » FRB Working Paper (2011)
  • The Housing Crisis and State and Local Government Tax Revenue: Five Channels
    Byron Lutz, Raven Molloy, and Hui Shan
    Regional Science and Urban Economics (2011)
    https://doi.org/10.1016/j.regsciurbeco.2011.03.009
    See also » FRB Working Paper (2010)
  • Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms
    Raven Molloy and Carola Frydman
    Journal of Public Economics (2011)
    https://doi.org/10.1016/j.jpubeco.2011.02.005
    See also » FRB Working Paper (2009)
  • Executive Compensation: A New View from a Long-Term Perspective, 1936-2005
    Carola Frydman and Raven E. Saks
    Review of Financial Studies (2010)
    https://doi.org/10.1093/rfs/hhp120
    See also » FRB Working Paper (2009)
  • Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth
    Raven E. Saks
    Journal of Urban Economics (2008)
    https://doi.org/10.1016/j.jue.2007.12.003
    See also » FRB Working Paper (2005)
  • Reassessing the Role of National and Local Shocks in Metropolitan Area Housing Markets
    Raven E. Saks
    Brookings-Wharton Papers on Urban Affairs (2008)
  • Corruption in America
    Edward L. Glaeser and Raven E. Saks
    Journal of Public Economics (2006)
    https://doi.org/10.1016/j.jpubeco.2005.08.007
  • Urban Growth and Housing Supply
    Edward L. Glaeser, Joseph Gyourko, and Raven E. Saks
    Journal of Economic Geography (2006)
    https://doi.org/10.1093/jeg/lbi003
  • Why Is Manhattan So Expensive? Regulation and the Rise in Housing Prices
    Edward L. Glaeser, Joseph Gyourko, and Raven Saks
    Journal of Law & Economics (2005)
  • Why Have Housing Prices Gone Up?
    Edward L. Glaeser, Joseph Gyourko, and Raven E. Saks
    American Economic Review: Papers and Proceedings (2005)
    https://doi.org/10.1257/000282805774669961
  • Risk and Career Choice
    Raven E. Saks and Stephen H. Shore
    B.E. Journal of Economic Analysis & Policy (2005)
    https://doi.org/10.1515/1538-0637.1414
  • Downward Nominal Wage Rigidity: Evidence from the Employment Cost Index
    David E. Lebow, Raven E. Saks, and Beth Anne Wilson
    Advances in Macroeconomics (2003)
    https://doi.org/10.2202/1534-6013.1117
    See also » FRB Working Paper (1999)
  • Has Compensation Become More Flexible?
    Sandra A. Cannon, Bruce Fallick, Michael Lettau, and Raven Saks
    Worker Wellbeing in a Changing Labor Market (2001)
    https://doi.org/10.1016/S0147-9121(01)20044-2
    See also » FRB Working Paper (2000)
  • seminar

    July 2018

    UBC Sauder School of Business

    Housing Supply Regulation and Housing Affordability: the Role of Housing Unit Quality

  • seminar

    November 2017

    George Washington University

    Housing Supply Regulation and Housing Affordability: the Role of Housing Unit Quality

  • conference

    November 2017

    Annual Meeting of the Urban Economics Association

    Measuring Aggregate Housing Wealth: New Insights from an Automated Valuation Model

  • conference

    April 2017

    AEI Conference on Housing Affordability

    The Effect of Housing Supply Regulation on Housing Affordability: a Review

  • conference

    March 2017

    NABE Economic Policy Conference

    The Effect of Housing Supply Regulation on Housing Affordability

  • seminar

    February 2017

    University of North Carolina-Charlotte

    The Effect of Mortgage Credit Availability on House Prices and Construction: Evidence from a Frontier Estimation Approach

  • conference

    October 2016

    AEI Conference on Housing Risk

    Assessing House Price Risk and Mortgage Market Risk

  • conference

    Sept 2016

    Urban Institute

    Declining Migration Within the US: the Role of the Labor Market

  • seminar

    May 2016

    Federal Reserve Bank of Chicago

    The Effect of Mortgage Credit Availability on House Prices and Construction: Evidence from a Frontier Estimation Approach

  • conference

    September 2015

    Federal Reserve System Conference on Regional Analysis

    The Effect of Mortgage Credit Availability on House Prices and Construction: Evidence from a Frontier Estimation Approach

  • conference

    May 2015

    Lincoln Institute for Land Policy

    Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market

  • conference

    Januray 2015

    AREUEA-ASSA meeting

    Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market

  • conference

    November 2014

    Urban Economics Association Annual Meeting

    Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market

  • seminar

    November 2014

    Federal Reserve Bank of Kansas City

    Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market

  • conference

    May 2014

    AREUEA National Conference

    Regulation and the Housing Supply

  • seminar

    May 2014

    Realtor University

    Long-Term Vacant Housing in the United States

  • conference

    February 2013

    Renters, Homeowners and Investors: The Changing Profile of Communities

    Long-Term Vacant Housing in the United States

  • seminar

    March 2012

    NYU Colloquium on Law, Economics and Politics

    The Post-Foreclosure Experience of US Households

  • seminar

    November 2011

    Federal Reserve Bank of Philadelphia

    The Post-Foreclosure Experience of U.S. Households

  • seminar

    November 2011

    Massachusetts Institute of Technology, Department of Urban Studies and Planning

    Gasoline Prices, Household Location, and Urban Sprawl

  • conference

    May 2011

    Federal Reserve Bank of Cleveland Policy Summit

    The Post-Foreclosure Experience of U.S. Households

  • conference

    April 2011

    Federal Reserve Community Affairs Research Conference

    The Post-Foreclosure Experience of U.S. Households

  • conference

    November 2010

    Urban Economics Association

    The Post-Foreclosure Experience of U.S. Households

  • conference

    November 2010

    Federal Reserve System Conference on Regional Economics

    The Post-Foreclosure Experience of U.S. Households

  • conference

    July 2010

    Institut d'Economia de Barcelona Workshop on Urban Economics

    The Effect of Gasoline Prices on Household Location

  • seminar

    May 2010

    University of Maryland, Department of Agricultural Economics

    The Effect of Gasoline Prices on Household Location

  • conference

    May 2009

    Mid-Year Meeting of the Amerian Real Estate and Urban Economics Association

    The Contribution of Higher-Risk Lending to the 2002-2008 Housing Cycle

  • conference

    November 2008

    Federal Reserve System Conference on Regional Economics

    The Contribution of Higher-Risk Lending to the 2002-2008 Housing Cycle

  • conference

    November 2008

    Urban Economics Association

    The Contribution of Higher-Risk Lending to the 2002-2008 Housing Cycle

  • conference

    July 2008

    International Conference of the American Real Estate and Urban Economics Association

    Resurrecting the National Housing Market: Reassessing the Role of National and Local Shocks in Metropolitan Area Housing Markets

  • seminar

    April 2008

    Massachusetts Institute of Technology Center for Real Estate

    The Current Housing Market Contraction: Is Subprime Lending to Blame?

  • seminar

    November 2007

    University of Michigan, Department of Economics

    Executive Compensation: A New View from a Long-Term Perspective

  • conference

    October 2007

    Brookings-Wharton Conference on Urban Affairs

    Resurrecting the National Housing Market: Reassessing the Role of National and Local Shocks in Metropolitan Area Housing Markets

  • seminar

    April 2007

    Brookings Economic Studies Seminar Series

    Tax Policy and Executive Compensation

  • seminar

    December 2006

    McGill University, Department of Economics

    Is Migration Procyclical? Evidence on Internal Migration over the Business Cycle

  • conference

    November 2006

    Annual Meeting of the North American Regional Science Council

    Is Migration Procyclical? Evidence on Internal Migration over the Business Cycle

  • conference

    November 2006

    Federal Reserve System Conference on Regional Economics

    Is Migration Procyclical? Evidence on Internal Migration over the Business Cycle

  • conference

    May 2006

    Mid-Year Meeting of the Amerian Real Estate and Urban Economics Association

    Why Have Housing Prices Gone Up?

  • conference

    January 2006

    Annual Meeting of the American Economic Association, Cliometric Society

    Executive Compensation: A New View from a Long-Term Perspective

  • conference

    November 2005

    Annual Meeting of the North American Regional Science Council

    Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth

Awards
  • 2013

    American Real Estate and Urban Economics Association

    Edwin S. Mills Real Estate Economics Best Paper Award

  • 2005

    The B.E. Journal of Economic Analysis & Policy

    Arrow Prize for Best Paper by a Junior Economist

Conference Organization
  • October 2018 | Boston, MA

    System Conference on Regional Analysis

    Committee Chair

  • June 2018 | Washington, DC

    AREUEA National Conference

    Committee Co-Chair

  • November 2017 | New York, NY

    System Conference on Regional Analysis

    Committee Chair

  • June 2017 | Washington, DC

    AREUEA National Conference

    Committee Co-Chair

Editor
  • Editorial Board, Journal of Housing Economics
  • Editorial Board, Journal of Urban Economics
  • Editorial Board, Regional Science and Urban Economics
Referee
  • American Economic Review
  • Cityscape
  • Econometrica
  • Economic Journal
  • Economics Letters
  • Explorations in Economic History
  • Journal of Economic Development
  • Journal of Economic Geography
  • Journal of Economic History
  • Journal of Housing Economics
  • Journal of Labor Economics
  • Journal of Political Economy
  • Journal of Public Economics
  • Journal of Regional Science
  • Journal of Regional Science and Urban Economics
  • Journal of Urban Economics
  • National Science Foundation
  • Quarterly Journal of Economics
  • Regional Science and Urban Economics
  • Review of Economics and Statistics
Professional Affiliation
  • American Economic Association
  • American Real Estate and Urban Economics Association
Last update: August 8, 2022